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Sunday, January 31, 2016

Are you operating your business as a real business or as a hobby? It's
time to make your business OFFICIAL before the summer push for business!Let me ask you two important questions:

Are you operating your
business under your own name, a DBA or fictitious firm name, basically
as a sole proprietorship or maybe as a general partnership? AND/OR

Are you or your family
at risk because of business or personal assets that are unprotected
from unexpected losses or legal issues?

If you answered YES to either question please read on for important
news about why NOW is the time to form an corporation or LLC for your
business.

Make it Official. Operating
as a sole proprietorship or general partnership sends a message that
you are still "testing" your business, or that you're not sure you'll
really make it. Perhaps your accountant told you that incorporating is
an unnecessary expense or that it won't help you save on taxes due to an
expectation of low profits. This is the WORST marketing message you can
send when you want to attract new clients and partners to your
business, who want assurance that you're about your business and here to
stay.

The Law of Attraction. You
get what you focus on. Testing, hoping and "seeing if things work out
or not" BEFORE you decide to step-up and make your business official by
incorporating broadcasts a clear message to the universe that you're not
really serious about your business or committed to a positive outcome.
The Law of Attraction states that the universe returns not what you wish
for, but what you program into your deepest belief system through your
dominant thoughts, actions and feelings. Making your business official
and really stepping up says, "I am ready to receive!".

Limited Personal Liability. You
may be thinking "I already lost everything in the market collapse from
2008" and still recovering. If you're one of the few that managed to
survive and grow your assets since then, but are still holding them in
your own name, you're playing a VERY RISKY game (similar to those with
assets in unstable European banks). Even if you don't have any assets
right now, a lawsuit or judgment will destroy any credit you are looking
to build in the future PLUS you may be looking over your shoulder for
years waiting for someone to come after you when you finally do start to
turn things around. That's no way to live your life. One lawsuit from
an unprotected business can ruin your chances of getting a personal auto
loan or refinancing your home. Good people who "play by the rules" can
still be sued for the most unexpected reasons. You may be thinking "my
business insurance will help me out" but are you really covered? Even if
your business is never sued, what if you're unable to pay a vendor and
they come after you? Do you want to be personally liable? Put a halt to
greedy people looking to take what you have worked for! This is the best
time to form an LLC or corporation to limit your personal liability.

Reduce Your Taxes. The
bottom line is that operating as a sole proprietorship will cost you
the most in employment taxes (up to 15.3% on earned income up to
$113,700 in 2013). That means that your income will be taxed as the
HIGHEST possible TAX RATE as a sole proprietorship. By the way, filing a
Schedule C (the form filed for earned income from a sole
proprietorship) also means that your business is among those MOST LIKELY
TO BE AUDITED. Why? The IRS has a $300 BILLION tax gap and they believe
the biggest tax cheats are the little business owner like you. Why?
Their stats show them that sole proprietorship are MOST likely to UNDER
report their income and OVER report their expenses (two big no-no's with
the IRS). Operating as an S corporation or LLC taxed as an S
corporation in many situations is a much better approach for two
reasons. You will have part of your profits as distributions which are
NOT subject to the 15.3% employment taxes AND move that profit to
schedule E, not schedule C which is more likely to be audited!

Access More Funding Options. Operating
as a sole proprietorship or general partnership limits you when it
comes to funding options. You are also DAMAGING YOUR PERSONAL CREDIT
SCORE by operating this way. How do you finance your business as a sole
proprietorship? You use your PERSONAL CREDIT cards which will drive up
your revolving debt which will in turn DRIVE DOWN your personal credit
score! When you form a corporation or an LLC you will SEPARATE your
PERSONAL and BUSINESS CREDIT. Yes, any type of cash funding with a
personal guarantee will come into play, but that DEBT does NOT show up
in the personal credit bureau which is HUGE for future funding! As you
form a new LLC or corporation NCP will help (if you choose) to build
your business credit scores quickly and get your business in a position
to secure funding to grow. But the first step is to form a separate
legal entity.

Simply Your Life. Yes,
in fact operating as a sole proprietorship will complicate your life,
not the opposite. Separating your business and personal life will make
it much easier for you to navigate both from a financial and legal point
of view. Now you will have each in its own compartment where it belongs
to protect your overall success.

Asset Protection. Forming
an LLC for your safe assets like investments (those outside a
retirement plan) will help you sleep better at night knowing you don't
have all your "eggs" in one basket. If you are using a LIVING TRUST to
protect your assets that will NOT work and everything in your trust may
be vulnerable. Do you own other businesses that really should be
operating through a separate bank account in a separate entity? Do you
own real estate in your own name that may be sending a message that you
are rich and have assets worth taking? Have you been in business for
years or are you operating more than one business in one entity? Are you
doing some business with a new partner and making the big mistake of
running that revenue through your current business? Avoid these costly
mistakes and form a separate company for that separate business.

Friday, January 29, 2016

Establishing power of attorney privileges is an essential element
of estate planning. POA authorizes another person to make decisions
related to finances and healthcare for someone else in the event they
are unable to make decisions on their own.

Before bestowing power
of attorney privileges it is crucial to understand how the process works
and the rights the person will be given. The person appointed to this
position ought to be capable of making difficult decisions that might go
against what other family members want.

Individuals who are
granted authority to make decisions must be at least 18 years of age.
It's important to choose a person who will remain true to decisions
pertaining to medical and financial transactions.

There are five
different types of power of attorney rights and responsibilities differ
based on powers authorized. Each consists of two individuals that
include the 'Principal' and 'Attorney-in-Fact.' The Principal is the
person that sets up the contract and the attorney-in-fact is the person
who carries out the duties on their behalf.

Durable Power of
Attorney is the most common type of contract. This legal document
authorizes the attorney-in-fact to make financial and medical decisions
based on directives provided by the Principal. Powers remain in effect
until the Principal dies or until powers are revoked.

The next
most common document is the Non-Durable Power of Attorney which
authorizes the attorney-in-fact to make decisions for specific types of
transactions. Non-durable POA is generally used when the Principal must
undergo surgery or some type of medical treatment that might prevent
them from being able to make decisions. Powers are granted for a
specific transaction and expire once the transaction is completed.

A
Limited Power of Attorney is typically used to grant authorization to
the attorney-in-fact to sell or transfer real estate owned by the
Principal. This document revokes privileges when the transaction is
completed.

A Healthcare Power of Attorney is needed to authorize a
person to make medical decisions on behalf of the Principal It is
vital to discuss the types of medical procedures wanted or not wanted
with the person who will be in charge of making decisions to ensure they
will abide by your desires.

People often feel uncomfortable
discussing these topics, but it's best to openly talk about what kind of
treatments should be given or avoided if the unthinkable happens. If a
person is adamant about not being placed on life support if declared
brain dead, they need to make their decisions known in a healthcare POA.
Otherwise, medical personnel must abide by state laws and provide life
saving treatment.

A Springing Power of Attorney is required to
authorize release of medical records and information. The
attorney-in-fact is required to obtain court authorization before they
can make decisions on behalf of the Principal.

Wednesday, January 27, 2016

The proper estate planning documents you need in case of
emergency! Nobody likes the thought of an emergency cutting a life
short. Especially for families, it's really hard to imagine what might
happen if there were some sort of tragic accident, an unforeseen
illness, or a catastrophic disaster that resulted in the casualty of a
vital family member. Without the necessary legal documents such as a
living will or power or attorney, the wellbeing of a family may be
threatened and your expressed or even written wishes may not necessarily
be honored.

If someone is involved in a serious accident, but is
injured to the point they are unable to communicate their wishes, a
healthcare power of attorney is given the legitimate right to make major
healthcare decisions on the patient's behalf. For example, if you do
not wish to be placed on life support for an extended period of time,
the only way to make this preference legal is taking the proper steps to
create lawfully acceptable paperwork and documentation.

When
someone dies without any legally authorized instruction for the
delegation of their belongings and investments, all property goes into a
very complex court proceeding where assets are given to the spouse,
next of kin, or separated between various related parties. In this
situation, a third party has full control over how these items and funds
are distributed, regardless if the deceased had verbally expressed
other wishes. A legalized will is absolutely necessary to ensure that
your belongings are properly taken care of after your passing.

Have these legal documents prepared today so that you ensure that your family is taken care of in the event of an emergency.

Prepared Will is a legally enforceable declaration of how a person wishes his or her property to be distributed after death.

Health Care Power of Attorney
is a legal form that allows an individual to empower another with
decisions regarding his or her healthcare and medical treatment.

Living Will Directive is
a written statement detailing a person's desires regarding their
medical treatment in circumstances in which they are no longer able to
express informed consent.

I know the fees associated with the
creation of these documents can become incredibly expensive if prepared
by a private lawyer. I also know that people are looking to the web for
do it yourself forms which can turn into a nightmare if not done
correctly. In many states these documents if not done by an attorney can
be thrown out and not accepted by a court.

There are
affordable solutions so that your documents are prepared by an attorney
and reviewed annually for you, your spouse, and covered family members.

When
it comes to protecting your family and your wishes, don't waste any
more time or put your loved ones at risk any longer.

Monday, January 25, 2016

A Healthcare Power of Attorney is meant to be in place to allow
you to make healthcare decisions for yourself when you are no longer
able to speak for yourself. You are considered to be legally
incapacitated when you can no longer speak for yourself. What happens
when you become incapacitated without having a healthcare power of
attorney in place?

If you become incapacitated or no longer able
to speak for yourself concerning medical decisions without a Healthcare
Power Of Attorney in place for yourself then family members in most
states might be able to step in to make decisions for you. This is put
into place by the power under the Adult Health Care Consent Act of most
states. The Adult Health Care Consent Act states an order of succession
of who will be able to step in to speak for you in case of your
incapacity. The Spouse is given priority in the order of those that can
step in and speak for you. The next in line is the children.
The next in
line is parents. After that are siblings. In the order of succession
after the spouse each group of children or parents if there is more than
one must come to an agreement on a decision to be made. This situation
puts an undue stress and difficult decision in the hands of family
members that have within their choice the power to keep alive or let a
family member die. This can lead to unnecessary fights or disagreements
among family members at a difficult and stressful time.

When there
are differing opinions on whether you should be allowed to stay alive
or pass among family members the situation can quickly and literally
become life and death. Unnecessary stress and arguments can be prevented
by simply putting in writing your healthcare wishes in your advance
directives. Take the choice and doubt over what you would have wanted to
happen to you away from everyone else. This is a simple and selfless
act that could potentially keep a family together by having a plan in
place. Having a plan in place allows for everything to flow smoothly at a
time when tensions and grief can be high and get even higher.

It
is best to have a Healthcare Power Of Attorney in place to make your
wishes clear and appoint one agent to make decisions on your behalf.

Sunday, January 24, 2016

When people think of Estate Planning, they generally think of
legal wills. Estate planning is not just a will, although it does
involve writing one. Rather, it's a series of legal steps that involves
allowing your beneficiaries to avoid probate and minimize the taxes
incurred, and for you to write a living will in which you nominate
trusted associates who would assume power of attorney and executor
status should you be incapacitated or die. Estate planning also allows
you more direct control over how your assets will be treated when you're
gone.

One of the most important parts of any estate plan are
measures to avoid too much of the estate's worth being lost to taxes. In
the United State and abroad, dying can attract a number of specific
taxes from both State and Federal governments, like death tax and estate
tax. The simplest way to minimize estate tax is to name recipients of
funds or assets from your estate in your legal will, specifying that a
certain amount should be given as a gift. Provided your lifetime
tax-free gift threshold of $1 million is not exceeded, these portions
cannot attract any taxation.

An important part of any estate plan
is the inclusion of a living will. A living will is not usually
considered a legally binding document, however, it is given
consideration if you are ever incapacitated and left unable to carry out
your legal rights, or make decisions. While the living will itself may
not carry much weight, you can nominate someone to assume your enduring
power of attorney (EPA). If you are unable to exercise the living will
as a legally binding decision, your enduring power of attorney can only
be challenged by a court.

The will itself is the most important
part of any estate plan. If you should die without writing a will, the
specific laws of your state will determine how your assets will be
divided following probate. Additionally, with no prior planning of where
the assets should go on the event of your death, your estate is likely
to be taxed the maximum possible amount. Where no will is present, the
spouse is likely to keep one third of the value of the estate with the
remainder to be distributed evenly among children.

An estate plan
enables you to stipulate, for instance, that if your children receive an
inheritance, the property is given to them personally and not, for
example, to the child's spouse. Should your child ever divorce, then the
value of any inheritance received would not have to be shared in any
divorce settlement, as it would not be a shared asset of that marriage.

One
of the more important aspects of estate planning is the protection it
can provide your assets. Typically, after a person passes away their
family sells the assets that were left to them and divides the proceeds
among themselves. If, however, you have a company or significant
property holdings, you may wish to prevent the breakup of any of these
assets, judging them to have more value whole compared with their value
after being broken up.

Estate planning allows very specific
instructions for how such assets should be treated if you wish to
prevent this asset division from happening. For example, you can specify
in your will that you require that your business be run by a family
trust whose members and membership requirements you specify. It is not
uncommon for people to wish to leave behind some legacy when they've
gone, and the establishment of a family trust to ensure your assets are
managed properly by a family member is a good way of ensuring it.

Another
common request made is for a trust fund to be established as a
scholarship fund or similar. Again, with a proper estate plan, it is
possible for a benefactor to specify who a scholarship fund is for, and
who is allowed to sit on any board or committee it relies on to pick a
recipient.

Estate planning is the method by which specific
instructions may be given in advance on how to manage your affairs
should you become incapacitated or die. Estate planning represents the
best way of protecting your assets from the whims of financially
irresponsible relatives, excessive government taxation, and dissolution
of your assets by the normal laws of succession in the state or country
concerned.

Saturday, January 23, 2016

Starting a business requires prospective entrepreneurs to make
hundreds of different decisions before opening their doors to customers.
One of the most important decisions is selecting the right legal
structure for your enterprise. The manner in which you choose to
organize will impact your taxes, personal liability exposure, and
fundraising options.

Sole proprietorships are the most common
arrangement for people who work alone. This structure is a popular
choice because it is the easiest to arrange and does not require any
filings with the state. One of the biggest disadvantages of the sole
proprietorship, however, is that entity does not exist apart from the
owner. Consequently, the owner is personally liable for all financial
obligations and damages resulting from lawsuits filed against the
company. Another disadvantage is that it can be difficult to raise
capital. Banks are reluctant to make loans to sole proprietorships,
leaving the owners to rely on home equity loans or borrowing from
family.

For enterprises with more than one owner, a partnership
might be a good arrangement. Each partner contributes capital, labor, or
expertise in order to turn a profit. The partners share in the profits,
but like a sole proprietorship, they are also personally liable for
debts and damages. One way in which partners can reduce personal
exposure is by forming a limited partnership. This form consists of
general partners who make decisions and assume the risks and limited
partners with no control in the operations in exchange for reduced
liability. Tax treatment is one of the main reasons this arrangement is
selected. Profits and losses are passed through to the individual
partners.

Limited Liability Companies, or LLCs, are a type of
structure that is becoming very popular. This structure creates an
entity separate from the owners. As a result, the owners are not liable
for debts or judgments against the venture. Unlike a limited
partnership, all members are free to participate in the management and
enjoy protection from personal liability. LLCs also enjoy pass through
taxation. However, the tax rules for these structures are complicated.
The amount of paperwork is a huge hurdle, and members must file articles
of organization with the Secretary of State or sign an operating
agreement.

The right structure for your business depends on a
number of different factors unique to your enterprise. For example, a
small boutique selling handmade cat collars will obviously have less
risk and perhaps less revenue than a company that provides window
washing services to high-rise office buildings. Prospective
entrepreneurs are advised to contact their attorney or accountant in
order to discuss the taxation and liability consequences of the
different entities. A number of free or low-cost resources to help you
make your decision are available from your local chamber of commerce,
Small Business Administration, or volunteers with the Service Corps of
Retired Executives.

Selecting the organization for your business
is one of the most important decisions you and your partners will make.
Research all of the available options and seek advice from experienced
professionals before making your selection.

Friday, January 22, 2016

When someone dies, his or her assets should go through probate.
The probate process includes collecting the deceased's assets, paying
off liabilities and necessary taxes, and administering property to heirs
as per the will.

Probate of decedent's Will

During
this process, authenticity of the deceased's will is to be proved in
the court of law. Will of a deceased must be probated soon after his or
her death. Nobody has a right to hold it back at any cost.
The
decedent's attorney or the person possessing the will of decreased, will
need to produce it immediately, or within the specified time. There are
penalties for destroying or concealing the will.

Probate Proceedings

The
procedure starts only when there is the involvement of an official
executor. If you are well versed with the different kinds of laws that
are involved, then you can submit your application to be the executor on
behalf of the friends or relatives.

The first thing to do here is to file a formal request. The applications
should be submitted in the local court of the same country, where the
deceased lived the last days of his or her life. Along with filing the
probation documents, you should also produce the original death
certificate of the deceased.

After filing the documents in the court, it the next step is to inform
the creditors of the deceased. You can advertise about the probate in
the newspapers, or on any other such local media.

You can let the heirs and beneficiaries of the departed know about the
probate process, by mailing the court notice to their respective mailing
address or by emailing it to them. You will need to document every
notification sent to the successors who are in the line, and submit them
to the court before the probate process commences.

You can complete all the procedures within the nine
months duration, which is after the date of death of your client. There
are many benefits from letting your client know beforehand about what
will happen with his or her possessions after death.

The distribution of property among the beneficiaries will take place
only after clearing off the debts taken by the diseased from different
sources.

The entire process will be completed with transferring of the deceased's possessions to the rightful beneficiaries.

The inheritance money will be handed over to the next
successor in line in many ways such as, funeral expenses, debt and
taxes, family allowances, costs of estate administration, etc.

Wednesday, January 20, 2016

An advance directive for health care is a legal document in which
you state the medical treatment you want to receive at some time in the
future if you are not able to speak or make sound decisions for
yourself. Other names for it are advance directive, health care
directive and medical directive. It consists of three parts: the living
will, power of attorney and do not resuscitate form (DNR).

The
living will is the part of the set of documents in which you make known
to your doctor and family members the kind of care you would like to
receive as you near the end of life and you can no longer speak for
yourself. It is prepared in advance of circumstances requiring its use
and does not override your expressed desires.

Therefore, your consciously stated desires will always prevail over what's in the document if the two don't agree.

A
living will might specify the withholding and/or withdrawing of
treatment. It can be general or specific. A general one usually includes
wording that directs the withholding or termination of any treatment,
other than that for comfort, if you have a terminal illness. More
specific instructions apply to the withholding or withdrawing of
specific forms of treatment. They might include things such as
artificial feeding, intravenous fluids, or intravenous antibiotics.

A
medical power of attorney is that part of the health care directive
which allows you to appoint someone to act in your behalf in directing
your medical treatment if you are not able to speak for yourself or make
sound decisions. The health care power of attorney goes into effect
when your physician decides that you are no longer able to understand
the nature and the consequences of your treatment decisions.

The
term for the person appointed to make these decisions is health care
agent (proxy). It is most commonly a family member or close friend who
fully understands your treatment wishes. The proxy cannot be a physician
or other health care provider involved in your treatment though.

With
the exception of state restrictions or limitations listed by you on the
power of attorney form, your health care proxy will make all decisions
with regard to your treatment once the medical power of attorney goes
into effect. Therefore, it is very important that the proxy have a good
understanding of your wishes.

In order for the document to be
official and legal, you must fill out and sign the medical power of
attorney form. Your health care agent must also sign the form. You can
revoke the document at any time.

The do not resuscitate (DNR) form
is the part of the advance directive for health care that allows you to
instruct healthcare personnel to not attempt to revive you if you stop
breathing or your heart stops beating. Unless the form exist and is
visible medical personnel will assume that you consent to attempts to
revive you. Those attempts might include the placement of a tube down
your windpipe, chest compressions and the use of electrical voltage to
stimulate your heart.

The do not resuscitate form is particularly
valuable outside of the hospital, e.g. in situations where paramedics
are called to a home. In that setting, it is important to have the form
visibly on display where the emergency crew can see it. Otherwise, they
will attempt resuscitation if it appears to be indicated.

Medical
advance directive forms can be obtained from a number of sources
including medical offices, hospitals, attorneys, social workers and some
post offices. You can also draft your own. Because states regulate
advance directives each state has its own official living will, medical
power of attorney and do not resuscitate forms. Therefore it is probably
best to use your state's official forms in order to be fully compliant
with all your state's laws.

Tuesday, January 19, 2016

Powers of attorney are commonly used instruments, but few people
spend the time to really understand how they actually operate. This
includes attorneys and lay persons. Depending on whether a power of
attorney is considered durable, there are certain events, such as a
principal's subsequent incapacity, which may limit, or restrain an agent
from exercising his or her enumerated powers pursuant to the power of
attorney instrument.

Let's take a look at just some of the events
which can result in a suspension or termination of a power of attorney.
Firstly, if a power of attorney is not durable, meaning it does not
contain certain language referenced by law, the following events will
terminate a power of attorney. 1) principal dies, 2) becomes
incapacitated. Of course a subsequently executed "poa" that explicitly
revokes all previous ones, will also result in its termination.

If
a poa is durable, the scenario mentioned above is a little different.
While the death of the principal still results in termination,
subsequent incapacity of the principal could lead to a multitude of
scenarios. If a petition to determine the incapacity of the principle is
filed, the authorities granted in the power of attorney are suspended
until the petition is dismissed or the court enters an order authorizing
the agent to carry out powers granted to him. Certain powers, like the
authority to make health care decisions for the principal, remain
effective until the Court orders otherwise.

In emergency
situations, if the agent feels he needs to act on the principal's behalf
the agent may ask or "petition" the court to allow him to use powers
which are otherwise suspended, after a petition to determine incapacity
has been filed.

Other issues arise when powers of attorney
conflict with advance directives which the principal may have executed
and which may have given different individuals authority to act on his
or her behalf. These disputes sometimes involve family members, who have
different opinions on what is best for the principal. The law provides
that if an advance directive and a poa conflict, the advance directive
controls, unless a poa is later executed, and expressly states
otherwise.

Monday, January 18, 2016

A will is an important document for any person to have. This
document simply provides directions on how your property will be handled
when you pass on. Many times, when people die without a will in place, a
lot of misunderstandings can arise within the family and the community
at large. It is therefore important to specify how one's property or
estate will be handled to avoid these misunderstandings.

A will
writing service is important to help you come up with your will. It is
possible for you to write your will without any help but if you are not
familiar with this process, you need guidance so that you can write a
will correctly.

The first thing you need to do is identify a good
will writing service that has the requisite experience and reputation to
ease the process of making a will. There are a number of benefits that
you will get when you work with a will writing service. Some of these
benefits include:

• Correct Structure

Certain things are
required when you are drawing up your will. You must indicate that you
are of the right age and of sound mind. You must also indicate that this
is your last will and testament. You still are able to amend your will
at any time you wish to.

These services will also help you to
understand technical terms used when writing a will. A man writing a
will is called a testator while a woman is called a testatrix. The will
has to be signed by the testatrix or the testator and signed by two
other witnesses.

• Tax Implications

Certain assets or
estates can have tax implications. If you leave your estate to someone
else other than your spouse, they might be required to pay taxes on it.
It is important to know this in advance and plan for it accordingly.

• Will Execution

Another
important aspect to consider is the executor of the will. This is the
person who will carry out the terms of the will should you pass on. The
person who helps you write the will can also be the executor if they
have that capacity. If not, you should name the person or company to
carry out this function.

Making a will should not be a problem for
you. With the right people to help you, this process will be easy. It
will allow you to rest well knowing that your estate will be handled
correctly when you pass on.

Thursday, January 14, 2016

Are BY THE PEOPLE Personnel attorneys? No, we are not attorneys. We are Legal Document Assistants. In California, we are a licensed and bonded profession.

What if I need legal advise?
You can always consult with an attorney of your choice. We can provide
you with a referral for an excellent local attorney who specializes in
cases similar to yours if you have questions we cannot answer for you,
or your situation is more complicated than our services are meant to
help with.

Do you have a Notary Public?
Yes, whenever we are open we have a Notary Public on staff. If you are
a BY THE PEOPLE customer, all Notarizations of your documents are
included in our fees. If you have documents not prepared by BY THE
PEOPLE, we charge $10.00 per signature you need notarized, in Cash Only.
You must sign the document in our presence and provide valid photo
identification.

Does BY THE PEOPLE handle Criminal Matters?
No, we only handle uncontested civil matters. However, if you would
like to contact us, we may be able to refer an excellent local attorney
to you.

I need to have my documents prepared immediately. Do you have Rush or Same-Day document preparation services?
Yes, we can prepare certain documents within a few hours, if necessary.
Rush and Same-Day services are available for the following documents:
Wills, Powers of Attorney, Health Care Directives, Deeds, LLC and
Incorporation Articles. A modest Rush Fees will apply to these services.

How long will it take to prepare my documents?
The documents we prepare at BY THE PEOPLE are typed specifically at
your direction. All documents are then rigorously proofed to ensure you
receive the highest quality legal documents available anywhere. Most of
our documents are prepared and ready for you to sign within one week,
depending on your situation.

Wednesday, January 13, 2016

Do you think you need a Power of Attorney? If you think so then
don't put it off and take any chances in the future. You need the time
now to think about whom you can truly trust and at this point in your
life you may find it hard to eliminate some of your closest family
members or dearest friends. Just consider this, you are now mentally
stable and it should be more simple to make those decisions now, than it
would be in the future when maybe you don't have all of your mental
powers with you. Now is the time to safeguard your future financial
affairs and secure your assets.

Most of us have the wrong
impression of Power of Attorney, we think that only the elderly need one
or people with large massive fortunes. Please don't be mislead, we all
should consider a Power of Attorney. You will have a form of peace of
mind knowing should something happen to you; you will be taken care of
legally. You want someone you can trust to look out for your matters.

The
vital importance of a Power of Attorney could best be demonstrated by
the fact if you should happen to contact a disabling disease which could
render you incapable of making your own decisions. Should you have to
be hospitalized, you want someone to pay your mortgage and take care of
your banking needs; you don't want to loose all that you have worked
hard for. A Power of Attorney can protect you legally with the local
laws.

The laws are very much in your favor should you ever become
incapable of taking care of your affairs. With a Power of Attorney in
force, the courts will then step in and use their discretion on who will
be in charge of all your affairs. The judge may appoint someone you do
not fully trust, so you want to have full control and that is why it is
so important to have a Power of Attorney.

So as a good suggestion,
the best time for a Power of Attorney is NOW! You want to be protected
now, you don't want to wait until it is to late and you don't have the
power to help yourself.
So having said that, for your sake, please consider looking into the Power of Attorney aspect for your life.

Tuesday, January 12, 2016

No one can foresee problems that may arise should he become
incapacitated. Yet, you can avoid negative consequences of unforeseen
problems by creating Living Wills and Healthcare Power of Attorneys
(HCPOA).

Setting up a Living Will or HCPOA is a relatively simple
task. The first step it to consult with an attorney that specializes in
estate planning to ensure that your documents are clear. Here's an
overview of what you can expect from your Living Will and HCPOA.

Healthcare Power of Attorney

The
HCPOA, otherwise known as a "healthcare proxy" is a legal document that
enables an individual that you appoint (your "agent") to act as your
healthcare representative if you become incapacitated. The agent becomes
your acting representative at the moment you become incapacitated, thus
eliminating the need for your loved ones to argue over your rights and
wishes in court.

Your agent has the authority to request or deny
any medical treatment that he determines to be appropriate. Therefore,
it is a good idea to choose someone that you trust as your agent. Please
note: In most states, your spouse will be your default agent. If you
are not married but are in a lifelong relationship your partner, he does
not automatically become your agent. Make sure that you appoint your
partner as your agent to ensure that he or she has control over your
medical decisions if you are unable to make them.

Because your
agent has whatever powers you give him or her, make sure that he or she
understands your desires. Some of the decisions he or she may need to
make include but are not limited to:

Deciding whether or not you will receive medical treatment

Withdrawing life-support

Living Will

A Living Will and HCPOA should be used
in tandem, since one document complements the other. Your Living Will is
a document that clearly expresses your desires. In short, your Living
Will provides your medical team with instructions for how to carry out
your wishes should you become incapacitated. For example, if you become
brain dead, you can state in your Living Will that you wish to receive
or not to receive life support.

By creating a Living Will, you
ensure that your desires will be carried out without court involvement
that can be costly and stressful for your family. Criteria for enacting a
Living Will vary by state; so make sure that you consult with an
attorney to ensure that your Living Will complies with the rules in your
state.

Monday, January 11, 2016

A limited liability company (which is commonly abbreviated as
LLC) offers limited liability to its owners as a legal form of business
company in the United States. Many small business owners are drawn to
this type of business formation because it offers limited liability for
the actions and debts of the company. This type of business formation
excludes personal liability from the general debts and other obligations
of the company and limits the liability of the owners to the extent of
their equity. An LLC has characteristics of both a partnership and
corporation; the primary partnership characteristic is the availability
of pass-through income taxation while the primary corporate
characteristic is limited liability.

Many entrepreneurs choose to
setup an LLC for tax reasons. LLCs avoid "double taxation" because the
income of the LLC itself is not taxed at the company level. Instead,
taxes on profits and deductions of losses are computed at the individual
level on the personal tax return of each LLC member (owner). LLC owners
can elect for the IRS to tax the LLC as a sole proprietorship,
partnership, C Corporation, or S Corporation. Owners make this election
through the IRS after the company forms with the state.

After
setting up an LLC, the bottom-line profit of the business is not
considered to be earned income to the members, and therefore is not
subject to self-employment tax. But it is still important to consider
that the managing member's share of the overall profit of the LLC is
considered earned income, and is subject to self-employment tax.

Members
of an LLC are compensated using either guaranteed payments or
distributions of profit. Guaranteed payments represent earned income to
the members, which qualifies them to enjoy the benefits of tax-favored
fringe benefits. A distribution of profit allows each member to pay
themselves by merely writing checks. However, as a member of an LLC, you
are not allowed to pay yourself wages.

Another important perk of
setting up an LLC is that the managing member of an LLC can deduct 100
percent of the health insurance premiums he pays, up to the extent of
their pro-rata share of the LLC's net profit.

The basic steps to setting up an LLC are fairly simple:

Step 1: Find a copy of the LLC Articles of Organization Form for your state. This
is usually located at the Secretary of State's office. It is also a
good idea to check there are any rules concerning business names in your
state.

Step 2: Choose a name for your business. Almost
any name will work so long as it is not the same or deceptively
similar to a name being used by another entity that is filed with the
State Filing Office which is usually the Secretary of State's Office.
The name must end with the words Limited Liability Company or an
abbreviation such as LLC or L.L.C. The ending such as LLC or Inc is not
considered part of the name when searching for availability.

Step 3: Complete and File the Articles of Organization form with the State Filing Office.
The State Filing Office where you turn in the form is usually the
Secretary of State where you are required to pay a filing fee. The
Articles of Organization form is a relatively simple document that
includes the name of your business, its purpose, office address, the
registered agent who will receive legal documents, and the names of each
initial member of your proposed LLC. A registered agent is simply a
person or incorporated company who can accept service of legal papers if
your company is sued or the person who can receive mail from the State
Filing Office. You can act as your own registered agent, however, the
address you use must be a street address and not a P.O. Box. The address
is important to make sure you receive papers that are served or sent to
your company.

Step 4: Submit a notice to your local newspaper for publishing.
This step is sometimes required by your state, you may want to check to
make sure. Some states even require this step to be done before filing
your Articles of Organization form. This notice should detail your
intention to setup an LLC.

Step 5: Prepare and Sign an Operating Agreement.
This is not required by the state but is a very important step in
maintaining your liability protection and preventing disagreements
between the members. The Operating Agreement is an essential document
which sets forth the rights, duties and obligations of each member of
the LLC. It also usually sets the ownership percentages between the
members, the division of profits and the distribution of income. This
document can also strengthen your liability protection by demonstrating
that you have completed the organization of the company and are in
compliance with the process.

The State Filing Office usually does
not provide Operating Agreements, this will be something that you have
to come up with. Many people use online services such as
settingupllc.com, and other people go further and hire attorneys which
can be much more expensive.

Step 6: Obtain an Employer ID Number (EIN) from the IRS.
As a separate legal entity, your LLC requires its own federal tax
identification number from the IRS. This can sometimes be avoided if an
LLC is owned by only one person, in which case the person has the option
of reporting taxes on his own social security number. To get the
Employer ID Number you can acquire from SS-4 from most post offices and
then file it with the IRS.

Step 7: Setup a Separate Bank Account for the LLC.
A separate legal entity requires a separate bank account. It is
important that you do not co-mingle your funds between business and
personal bank accounts. The courts will look at this if you were to ever
get sued.

Step 8: Document Ownership Interest Percentages of the LLC.
To avoid disputes and ownership conflicts in the future, it is
important to assign ownership percentages when the company is first
formed. This step is not necessarily required, but it would be very
wise.

Friday, January 8, 2016

The best living trust definition is a written legal document
which substitutes for a will as your primary estate planning vehicle.
When you have a trust you transfer your assets such as your home,
financial accounts and personal property to the trust. In addition you
change the beneficiary or contingent beneficiary of retirement accounts
and life insurance to the trust. These assets are then administered for
your benefit during your lifetime, and either continue to be held or
transferred to your beneficiaries when you die.

The creator, also
called the grantor, of the trust usually names him or herself as the
initial trustee in charge of managing the assets. This allows the
grantor to remain in control of the assets during his or her lifetime.
For all practical purposes under this living trust definition, nothing
changes in the way the grantor manages or controls the assets after they
are put in trust. The only difference is the named owner.

A
successor trustee is named in the document, usually a family member or
friend but sometimes an institution such as a bank or trust company.
This successor trustee then will manage the trust assets for benefit of
the grantor if the grantor becomes disabled and for the contingent
beneficiaries after the grantor dies.

This living trust definition
is for the revocable living trust. It is also sometimes referred to as
a revocable inter vivos or a grantor trust. It may be revoked or
amended at any time by the grantors as long as they are still competent.

Thursday, January 7, 2016

Revocable living trusts are 98 percent of living trusts; they help avoid probate and allow others to use money to take care of the trust maker. Find out what an irrevocable living trust is from an estate planning and probate lawyer in this free video on estate law.

Wednesday, January 6, 2016

So you currently have your own business and you're pondering over
whether or not you should incorporate it, or carry on as a sole trader?

Before
you make the incorporation decision, you need to consider all of the
advantages and disadvantages that incorporating brings.

This article will set out to explain the benefits and downsides to incorporation, starting with the benefits ...

Benefits of Incorporation:

Personal Liability Protection

An
incorporated company is a separate legal entity responsible for its own
debts. Shareholders only have responsibility for servicing debts and
liabilities up to the value of their equity in the Company.

Creditors
of a corporation can only seek payment from the assets of the
incorporated business and not from the personal assets of shareholders,
directors and officers.

As a small business owner of a non
incorporated company, your personal assets are at risk if your business
fails to service it's debts.

Personal liability protection is therefore a major benefit of business incorporation.

However,
owners forming new corporations with small amounts of invested capital
may well be asked to provide personal guarantees that credit will be
honoured to reduce the risk of the lender.

Also, owners of incorporated businesses are required to personally ensure that the company makes its required tax repayments.

Protection From Legal Action

As
with personal liability protection from debts above, the personal
assets of the company's owners is protected by the separate legal entity
status in cases where the incorporated company faces legal action.

Note,
incorporation does not protect a company's officers from liability and
prosecution in cases where the company is found guilty of criminal
negligence.

Tax Advantages

Some incorporated businesses can
enjoy lower taxation rates following business incorporation compared
with partnerships and sole traders. One way of achieving lower taxation
is to minimise the salary paid to the owners to reduce higher rates of
personal taxation, and draw income from the business in the form of
dividends which are taxed at a lower rate.

Obviously professional
advice from a qualified taxation expert should be sought in all
instances as all personal circumstances are different.

Other
taxation benefits of incorporation are that once incorporated, many
additional items of expenditure become tax deductible. For example
medical expenses, entertainment expenses, vehicle and travel costs,
recreational facilities and pension costs all become tax deductible.
This can be a significant cash benefit. In particular money placed in
an approved pension plan is tax free as is the funds growth.

Raising New Capital

Once
you've incorporated your business, the ability to issues shares
simplifies the process of raising capital investment. It's also easier
to get loans and other finance approved from financial lending
institutions if you are an incorporated company.

Transferring Ownership

The
existence of shares also simplifies the sale of your business in the
future. Also should an owner or director die, the business can continue
to operate indefinitely.

Business Credibility

Having the words Inc or Corp in your business name gives a positive perception of long term financial stability.

Disadvantages of Incorporation

Double Taxation

Once
incorporated, earnings are subject to double taxation, whereby, company
profits are taxed, and then the dividends paid to shareholders from the
"net" profits are also taxed.

With a non-incorporated business,
the income the owner receives from the business is only taxed once.
Double taxation can be avoided if the corporation is registered as an
"S-Corporation"

Statutory Compliance Costs

Compliance with
legal and accounting requirements places a significant burden on
companies in terms of staffing, cost and time. There are also fees
associated with the initial company incorporation, and ongoing
operations.

Loss of flexibility The separate legal entity status
of incorporation also means that the company finances are separate from
the individual's, therefore the individual cannot "borrow" money from
the accounts of the corporation, and statutory requirements in general
reduce the flexibility of what can and can't be done with the business
and its finances.

The above are some of the key advantages and
disadvantages that you as a business owner need to consider before you
begin the process of incorporation. You should always seek legal advice
as all cases are different.

Monday, January 4, 2016

Divorce is stressful period of transition and change for most
people. While there many things on which you will need expend your
attention during this challenging time, you should not forget that your
estate plan also requires addressing now that you've experienced this
life change.

One of the first things you will want to do is update
your will. Generally, your will names your spouse by name, so if you
die and your will leaves a sizable inheritance to "John Doe" or "Jane
Doe," then your executor (or the trustee of your trust) and the courts
will be obliged to follow this instruction, even if this person is your
ex-spouse. For many people, such an outcome might be especially
frustrating and painful, so you should deal with updating your will
promptly.

You will also need to go through any asset or account
that has a death beneficiary destination on it to remove your ex. Recent
court cases have ruled that, even if you divorce your ex and update
your will, your ex will still receive the money from your life insurance
or retirement account if you do not update the paperwork on those
accounts. The single determining factor regarding who gets your
transfer-on-death or pay-on-death accounts is the name on that account's
death beneficiary designation form, so it is vital that you make sure
you update each of these accounts.

Additionally, you'll want to
tend to your powers of attorney and living will. Chances are, you do not
want your ex managing your financial affairs or making healthcare
decisions (including end-of-life decisions) for you after you're
divorced. Executing new powers of attorney and a new living will is
often a relative quick and straightforward process.

If you have a
living trust, you should investigate updating this part of your estate
plan, as well. For many people, their spouses may not only be
beneficiaries of their trusts, but trustees, as well. A capable estate
planning attorney can assist you with making the changes your trust
needs to address your divorce.

Finally, you do not have to wait
until your divorce is finalized in order to begin updating your estate
plan. Even if you anticipate that your divorce may take several months
or years to complete, you can (and should) start working on updating
your estate plan right away. Keep in mind, though, that the law in every
state says that you cannot disinherit your spouse so, even if your
preference is to leave your ex nothing, you will not be able to make
that happen until the divorce is final.

This article was written by Rich Lynn, Author for UPG America and
is intended for general information purposes only. Some information may
not apply to your situation. It does not, nor is it intended, to
constitute legal advice. For more information about this and other
estate planning matters, including additional estate planning related
articles, visit our website at http://www.upgamerica.com. You may also find out more about the Legacy Assurance Plan, an estate planning assistance service offered by UPG America, at http://www.legacyassuranceplan.com.

Sunday, January 3, 2016

Like most legal documents, the importance of a will increases
with its acceptance amongst authorities. Making a Will is a complete
legal procedure and its advantages are many which make the preparation
imperative on the part of the owner. But the legal responsibility for
making a Will shouldn't be taken in a negative light and procrastinated
about. Instead the very advantages of making a Will could be the single
greatest catalyst for the preparation of a Will by the owner of the
assets. Below are a few of the major advantages of making a Will that
could be the catalyst for the owner to prepare it.

Also we would
like to state that people rarely find making a Will to be a pleasant
task. Preparing a Will is a metaphor for our own mortality which people
don't want to face. But as they say- No one is immortal or escapes death
and taxes! Who knows? You could compromise with your own mortal end
during the preparation and come out with a better view on life.

The advantages of making a Will are:

No
dispute between dependents: There can be no chance of any conflict or
dispute between the several dependents of the property if a will is
already made. The will perfectly sums up what is left to whom and that
itself diffuses any chance of conflict plus the division is also ensured
by law of the land. Without a Will, inheritance disputes often run into
years and decades which are not a viable option.

Lack of
ambiguity: A Will is a legal document that clearly states the division
of the property and that in itself clearly puts out the lack of
ambiguity.

Property Management: The property can now be easily
managed or divided according to the directions given in the Will and
that leads to a better sense of property management.

Appointment
of Executor/Guardian or Trustee: Will often appoints a responsible
person as a Executor or a Trustee who acts as the overseer of the
property. This also is important when the beneficiary is a minor or of
unsound mind and cannot look after the assets.

Disclosure: All the
property hidden or otherwise has to be correctly shown while making a
Will. This procedure eliminates the chances of any secretive assets and
the process will be highly beneficial to the beneficiaries of the How to make a will.

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